Meeting of TELUS shareholders to proceed on October 17

VANCOUVER, Oct. 16, 2012 /CNW/ -At TELUS' suggestion, the Supreme Court of B.C. ordered a joint
shareholder meeting on October 17 to consider TELUS' share exchange
proposal and Mason Capital's related resolutions, giving shareholders
the most convenient way to move forward with voting on resolutions from
both TELUS and the New York hedge fund, whose net economic ownership
position in TELUS is a mere 0.02 per cent. The B.C. Supreme Court's
decision was provided orally by Master Muir with written reasons to
follow.

The court found it appropriate to have TELUS and Mason Capital's
resolutions voted on at the October 17 meeting and to allow proxies
received by TELUS from common shareholders voting in favour of the
company's proposal to be voted by TELUS management in respect of the
Mason Capital common share resolutions. As a result, a proxy granting
authority to management to vote in favour of TELUS' proposal to
exchange non-voting shares for common shares on a one-for-one basis can
be voted against Mason Capital's resolutions to change TELUS' articles
to enshrine a minimum ratio for any future exchange of TELUS non-voting
shares for common shares. Similarly, a proxy granting authority to vote
against TELUS' share exchange proposal can be voted in favour of the
Mason Capital resolutions.

"TELUS' shareholders are exceedingly well informed and have a
comprehensive understanding of both our share exchange proposal and the
perspective communicated by Mason Capital," said Darren Entwistle,
TELUS President and CEO. "I am looking forward to our meeting on
October 17 and bringing this matter to a conclusion in a manner that is
clear, convenient and fair for our shareholders."

In a separate Supreme Court of B.C. ruling the morning of Monday,
October 15, the court rejected Mason Capital's attempt to halt or vary
the October 17 meeting called by TELUS. In its decision, the court
found the voting thresholds pursuant to TELUS' proposal for a
one-for-one exchange are lawful and valid, with support from a simple
majority of the common share class and 66.67 per cent of the non-voting
share class required for TELUS' proposal to succeed. If the one-for-one
exchange proposal passes, pursuant to the Plan of Arrangement, TELUS
would apply to B.C. Supreme Court for a final order approving the
transaction. In the ruling, the court determined that the hearing for
the final order to approve the transaction will take place the week of
November 5, 2012.

Proposal voting turnout strong

In an affidavit filed Monday, October 15 with the Supreme Court of B.C.,
it was disclosed that shareholder participation is high for the October
17 shareholder vote. As of Sunday, proxies totaling more than 238
million or 73 per cent of the combined share base have been received,
if Mason's 32.8 million common shares are included. Proxies
representing more than 81 per cent of non-voting shares outstanding and
more than 47 per cent of common shares outstanding have been received
(excluding Mason Capital's dissident proxy). While as of Sunday,
October 14, Mason had not yet delivered its proxies, assuming it votes
all of its 32.8 million common shares, this would push the common share
participation total to over 66 per cent. The final tabulation of
proxies is planned to be announced at the October 17 shareholder
meeting.

Forward looking statement:
This news release contains statements about expected future events of
TELUS that are forward-looking. By their nature, forward-looking
statements require the Company to make assumptions and predictions and
are subject to inherent risks and uncertainties. There can be no
assurance that the share exchange proposal will receive voting approval
and, if not approved, the market price of non-voting shares and/or
common shares may decline given that share prices in both classes
increased on the announcement of the February proposal. In addition,
there can be no assurance that these court decisions will not be
challenged, that the final court order in respect of the Arrangement
will be granted, and that the associated benefits for TELUS
shareholders will be realized. There is significant risk that the
forward-looking statements will not prove to be accurate. Readers are
cautioned not to place undue reliance on forward-looking statements as
a number of factors could cause actual future events to differ
materially from that expressed in the forward-looking statements.
Except as required by law, TELUS disclaims any intention or obligation
to update or revise forward-looking statements.

About TELUS
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications
company in Canada, with $10.6 billion of annual revenue and
12.8 million customer connections including 7.4 million wireless
subscribers, 3.5 million wireline network access lines, 1.3 million
Internet subscribers and 595,000 TELUS TV customers. Led since 2000 by
President and CEO, Darren Entwistle, TELUS provides a wide range of
communications products and services including wireless, data, Internet
protocol (IP), voice, television, entertainment and video.

In support of our philosophy to give where we live, TELUS, our team
members and retirees have contributed more than $260 million to
charitable and not-for-profit organizations and volunteered 4.2 million
hours of service to local communities since 2000. Fourteen TELUS
Community Boards lead TELUS' local philanthropic initiatives. TELUS was
honoured to be named the most outstanding philanthropic corporation
globally for 2010 by the Association of Fundraising Professionals,
becoming the first Canadian company to receive this prestigious
international recognition.